Screenshot Peter Thiel, the billionaire venture capitalist and early Facebook investor, is turning his attention to late-stage startups.

Thiel is the cofounder of a new venture capital firm called Mithril Capital Management based in San Francisco. The firm has raised $402 million, which will be invested in growth-stage tech companies that are looking to stay private.

His partners on the project include Ajay Royan, who has worked with Thiel since 2003, and Jim O'Neill, who is the cofounder of the 20 Under 20 Thiel Fellowship.

Mithril is Thiel's third investment group, the others being Founders Fund and Clarium Capital.